Do you avoid business travel at all costs? Are you always coming up with excuses based on your personal life? If so, there are several reasons why you may be hurting your net worth.
A lot of jobs offer potential travel opportunities. One of the best ways to build a large nest egg is to volunteer to travel at the earliest possible time in your career. Your salary may be low compared to coworkers who have more experience, but work travel can directly impact your bottom line.
I am going to list some direct and indirect effects of business travel. The direct Effects are immediate impacts to your overall financial health. The indirect effects are future benefits to your net worth.
Direct Effects of Business Travel
- Overtime pay
- Frequent flyer miles
- Hotel points
- Car rental points
- Free food
- Free gas for car
- Free laundry
- Free rent (if you can Airbnb your house/apartment when you are gone)
Indirect Effects of Business Travel
- Higher performance rating
- Faster promotions
- Gain on the job experience
- Personal car lasts longer due to less mileage
- Free vacations using points accumulated on travel
These direct and indirect effects can have huge impacts on your net worth. You are able to save money by having the business pay for your expenses while you are traveling. You are also helping to accelerate your career by traveling. Finally you can take free vacations which is the ultimate form of travel hacking with no effort required.